OVL Lease Blog

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Meet the new Electric kid in town

24/11/2021

Meet the new Electric kid in town

Perhaps because of the profile of their illustrious leader, Tesla tend to be the brand on the tip of the tongue when it comes to electric cars. However, we are rather excited by a lesser-known but certainly no less exciting manufacturer with a very safe pair of hands behind them.

Based in Sweden, the Polestar brand is that of a premium, performance-focused electric car. Founded in 2017 by Volvo Cars and Zhejiang Geely Holding, the company currently has two models on the market, the somewhat conservatively named Polestar 1 and Polestar 2. 

But that’s about all that’s conservative about them. They’ve got the commendable heritage that is Volvo behind them, and their plans are as electric as their vehicles. They want to launch three new models by 2024 (the first likely to be a SUV) and expand from 14 to 30 markets by 2023.

We should mention both existing models are award-winning and their entrepreneurial team is backed by investors including one Leonardo DiCaprio. So, you see, it’s not just Tesla that has exciting stuff going on.

In fact, the innovative culture of the company is showcased by their existing goal to develop a truly climate-neutral car by 2030, something they see as demonstrating their commitment to future-proofing the industry.

Polestar 1 is already virtually a collector’s piece. All limited edition, carbon fibre and hand-stitching, it has been described by Insider as “unlike any car on the road.” It has a price tag to match, with models starting at £139,000.

It’s highly engineered, high performance and, sadly, highly unlikely to come your way, given that the last production run is now underway.

Fear not though, Polestar 2 is in a different league. For a start it’s priced from a slightly less shocking £39,900 and while still leading the charge on design and detailing, it has been designed as an everyday contender for the future of electric cars. They offer three engine styles, from standard range, single motor to long range dual motor, which seems to directly address one of the main barriers for people converting from fuel to electricity – the fear of the lack of charging stations.

Breaking down barriers is definitely Polestar’s thing. Their website outlines their commitment to “…be the change we know needs to happen and inspire the car industry to move in the same direction.” They are challenger and disruptor all rolled into one and it’s refreshing. They’ve recognised that the entire vehicle industry has been playing safe for too long, becoming change resistant and almost pedestrian (if you’ll pardon the pun). 

Given the profile of authenticity and accountability these days, it’s a strategy that’s highly likely to pay off. Polestar will be labelling their cars with information on carbon footprint and traced risk materials. They’re not interested in off-setting, they’re shooting straight for climate-neutral and have committed to charting their own progress publicly.

At OVL, we’ll be watching and listening carefully.